Japan Atomic Power takes rare step of selling uranium to pay off loans
Feb 21, 2013
A Japanese nuclear power company has taken the rare step of selling some of its uranium, apparently to help repay loans amid its faltering business conditions, according to sources.
Japan Atomic Power Co. apparently needs to secure money to repay loans due in April amid uncertainty over when it can resume operating its three idled reactors.
Tokyo Electric Power Co. is considering taking similar action as it continues to face funding difficulties following the crisis at the Fukushima No. 1 complex, the sources said.
According to the sources, Japan Atomic Power plans to pay back ¥40 billion in loans by selling uranium and streamlining. As for another ¥100 billion in loans, major utilities are expected to continue guaranteeing payments beyond April.
The yen is around one cent, so 100 billion yen is around 1 billion dollars in US currency.